Denver’s Luxury Housing Market See’s Slight Growth in July
Posted by Brittanny Havard — August 19, 2015
DENVER, CO - The number of luxury homes sold (sales over $1M) in the Denver metro market in July showed signs of growth over July 2014, according to a report released Monday by LIV Sotheby’s International Realty. A continued strong 2015 is projected based on Colorado’s strong local economy combined with climbing homeowner equity within the residential luxury market. In metro Denver 110 homes with a price tag of more than $1M sold in July, down -15% percent from June, and up 24% year-over-year, according to the monthly analysis based on information from REColorado.
“Momentum continues to build in the Denver Metro luxury market,” said LIV Sotheby’s International Realty president, Scott Webber. “Inventory has leveled off, and will drop another 20-30% before the end of the year if historical cycles are repeated, but demand has not tapered, and prices will therefore continue to rise.”
The average selling price stood at $1.5M in July, demonstrating a 12% increase from June.
In Denver metro, the average days on the market stood at 90 days in July, a 1% decrease, from the 91-day average set in June.
Boulder County experienced an increase in luxury sales, with 43 homes with a price tag of more than $1M selling in July, up 30% from June (statistics pulled from IRES LLC).
“Boulder is the epicenter of high-end real estate on the Front Range,” said Boulder managing broker, David Carner, of LIV SIR. “Not only are we seeing more homes sell over $1M than ever before, we’re also seeing the highest dollar per square foot – with last month’s sale of a downtown penthouse for over $1,000 per square foot. Demand here is driven by our exceptional lifestyle and recreational amenities, combined with a booming economy centered on technology firms. SolidFire and Gnip, for example, and space exploration, Southwest Research Institute and Sierra Nevada, play prominent roles. In many ways, Boulder Valley is becoming the Silicon Valley of the Rockies.”
The average selling price in Boulder stood at $1.57M in July, up 11 percent from June, and up 3 percent year-over-year. The most expensive residential sale in July was a downtown top floor condo at the Arete for $3.75M with 3 beds, 4 baths and 3,736 square feet.
Resort Update: In the resort community of Eagle County, luxury numbers show signs of balance with 26 homes with a price tag of more than $1M sold in both July and June, up 30% year over year (statistics pulled from Vail Board of Realtors, MLS).
In Summit County, luxury numbers also show signs of balance with 15 homes with a price tag of more than $1M sold in July, and 16 in June (statistics pulled from SAR, MLS).
LIV Sotheby's International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home.
To access current market reports, visit www.coloradomarketreports.com. For more information, contact LIV Sotheby’s International Realty public relations manager, Brittanny Havard, at 303.486.3738. To service all of your real estate needs visit www.livsothebysrealty.com.
About LIV Sotheby’s International Realty
LIV Sotheby’s International Realty, the exclusive Board of Regent for the Who’s Who in Luxury Real Estate, has 10 office locations in the Denver Metro and surrounding areas, including Boulder, Castle Pines Village, Cherry Creek, Clayton Street, Denver Tech Center, Downtown Denver, Evergreen and the resort communities of Breckenridge and the Vail Valley. For more information call 303.893.3200. To service all of your real estate needs visit www.livsothebysrealty.com.